- Stellantis and Archer join forces to manufacture Archer’s
Midnight eVTOL aircraft
- Stellantis will contribute advanced manufacturing technology
and expertise, experienced personnel and capital to enable the
aircraft manufacturing
- Stellantis’ contribution will allow Archer to strengthen its
path to commercialization by helping it avoid hundreds of millions
of dollars of spending
- The goal is for Stellantis to mass produce Archer’s eVTOL
aircraft as its exclusive contract manufacturer
- Stellantis will provide up to $150 million of equity capital
for potential draw by Archer at its discretion in 2023 and
2024
- Stellantis intends to increase its strategic shareholding in
Archer through future purchases of Archer stock in the open
market
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) and Archer
Aviation Inc. (NYSE: ACHR) today announced that they have agreed to
significantly expand their partnership by joining forces to
manufacture Archer’s flagship electric vertical take-off and
landing (eVTOL) aircraft, Midnight.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230104005163/en/
Stellantis will work with Archer to stand up Archer’s recently
announced manufacturing facility in Covington, Georgia at which the
companies plan to begin manufacturing the Midnight aircraft in
2024. Midnight is designed to be safe, sustainable, quiet and, with
its expected payload of over 1,000 pounds, can carry four
passengers plus a pilot. With a range of 100 miles, Midnight is
optimized for back-to-back short distance trips of around 20 miles,
with a charging time of approximately 10 minutes in-between.
This unique partnership in the urban air mobility industry will
leverage each company’s respective strengths and competencies to
bring the Midnight aircraft to market. Archer brings its
world-class team of eVTOL, electric powertrain and certification
experts while Stellantis will contribute advanced manufacturing
technology and expertise, experienced personnel and capital to the
partnership. This combination is intended to enable the rapid
scaling of aircraft production to meet Archer’s commercialization
plans, while allowing Archer to strengthen its path to
commercialization by helping it avoid hundreds of millions of
dollars of spending during the manufacturing ramp up phase. The
goal is for Stellantis to mass produce Archer’s eVTOL aircraft as
its exclusive contract manufacturer.
As a further sign of its commitment, Stellantis will provide up
to $150 million in equity capital for potential draw by Archer at
its discretion in 2023 and 2024, subject to achievement of certain
business milestones which Archer expects to occur in 2023.
Stellantis also intends to increase its strategic shareholding
through future purchases of Archer stock in the open market. These
actions, along with the other elements of this expanded
partnership, will enable Stellantis to become a long-term,
cornerstone investor in Archer.
“We’ve been working closely with Archer for the past two years,
and I am continually impressed by their ingenuity and unwavering
commitment to deliver,” said Carlos Tavares, Stellantis CEO.
“Deepening our partnership with Archer as a strategic investor with
plans for growing our shareholding demonstrates how Stellantis is
pushing the boundaries to provide sustainable freedom of mobility,
from the road to the sky. Supporting Archer with our manufacturing
expertise is another example of how Stellantis will lead the way
the world moves.”
“Stellantis’ continued recognition of Archer’s progress toward
commercialization, and today’s commitment of significant resources
to build the Midnight aircraft with us, places Archer in a strong
position to be first to market,” said Adam Goldstein, founder and
CEO of Archer. “Our two companies are taking these important steps
together to realize a once-in-a-generation opportunity to redefine
urban transportation.”
Stellantis has been a strategic partner to Archer since 2020
through various collaboration initiatives, and as an investor since
2021. During this time, Archer has leveraged Stellantis’ deep
manufacturing, supply chain, and design expertise in connection
with Archer’s efforts to design, develop, and commercialize its
eVTOL aircraft.
About Stellantis
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) is one of
the world’s leading automakers and a mobility provider. Its storied
and iconic brands embody the passion of their visionary founders
and today’s customers in their innovative products and services,
including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS
Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram,
Vauxhall, Free2move and Leasys. Powered by our diversity, we lead
the way the world moves – aspiring to become the greatest
sustainable mobility tech company, not the biggest, while creating
added value for all stakeholders as well as the communities in
which it operates. For more information, visit
www.stellantis.com.
About Archer
Archer is designing and developing electric vertical takeoff and
landing aircraft for use in urban air mobility networks. Archer’s
mission is to unlock the skies, freeing everyone to reimagine how
they move and spend time. Archer's team is based in Santa Clara,
CA. To learn more, visit www.archer.com.
ARCHER FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding
Archer’s future business plans and product roadmaps, and the
expected timing thereof, including statements regarding the
development, commercialization, manufacturing, and specifications
of Archer’s eVTOL aircraft, the buildout and deployment of Archer’s
UAM network, the timeline for FAA certification of Archer’s eVTOL
aircraft, and the timing of Archer’s achievement of certain
business milestones related to its potential draw-down of future
equity capital. These forward looking statements are only
predictions and may differ materially from actual results due to a
variety of factors. The risks and uncertainties that could cause
actual results to differ from the results predicted are more fully
detailed under the caption "Risk Factors" in Archer’s Annual Report
on Form 10-K for the year ended December 31, 2021 and our Quarterly
Report on Form 10-Q for the three months ended March 31, 2022, and
other documents filed by Archer from time to time with the
Securities and Exchange Commission (SEC), available on the SEC
website at www.sec.gov. In addition, please note that any forward
looking statements contained herein are based on assumptions that
Archer believes to be reasonable as of the date of this press
release. Archer undertakes no obligation to update these statements
as a result of new information or future events.
STELLANTIS FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements. In
particular, statements regarding future events and anticipated
results of operations, business strategies, the anticipated
benefits of the proposed transaction, future financial and
operating results, the anticipated closing date for the proposed
transaction and other anticipated aspects of our operations or
operating results are forward-looking statements. These statements
may include terms such as “may”, “will”, “expect”, “could”,
“should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”,
“on track”, “design”, “target”, “objective”, “goal”, “forecast”,
“projection”, “outlook”, “prospects”, “plan”, or similar terms.
Forward-looking statements are not guarantees of future
performance. Rather, they are based on Stellantis’ current state of
knowledge, future expectations and projections about future events
and are by their nature, subject to inherent risks and
uncertainties. They relate to events and depend on circumstances
that may or may not occur or exist in the future and, as such,
undue reliance should not be placed on them.
Actual results may differ materially from those expressed in
forward-looking statements as a result of a variety of factors,
including: the impact of the COVID-19 pandemic, the ability of
Stellantis to launch new products successfully and to maintain
vehicle shipment volumes; changes in the global financial markets,
general economic environment and changes in demand for automotive
products, which is subject to cyclicality; changes in local
economic and political conditions, changes in trade policy and the
imposition of global and regional tariffs or tariffs targeted to
the automotive industry, the enactment of tax reforms or other
changes in tax laws and regulations; Stellantis’ ability to expand
certain of their brands globally; its ability to offer innovative,
attractive products; its ability to develop, manufacture and sell
vehicles with advanced features including enhanced electrification,
connectivity and autonomous-driving characteristics; various types
of claims, lawsuits, governmental investigations and other
contingencies, including product liability and warranty claims and
environmental claims, investigations and lawsuits; material
operating expenditures in relation to compliance with
environmental, health and safety regulations; the intense level of
competition in the automotive industry, which may increase due to
consolidation; exposure to shortfalls in the funding of Stellantis’
defined benefit pension plans; the ability to provide or arrange
for access to adequate financing for dealers and retail customers
and associated risks related to the establishment and operations of
financial services companies; the ability to access funding to
execute Stellantis’ business plans and improve its businesses,
financial condition and results of operations; a significant
malfunction, disruption or security breach compromising information
technology systems or the electronic control systems contained in
Stellantis’ vehicles; Stellantis’ ability to realize anticipated
benefits from joint venture arrangements; disruptions arising from
political, social and economic instability; risks associated with
our relationships with employees, dealers and suppliers; increases
in costs, disruptions of supply or shortages of raw materials,
parts, components and systems used in Stellantis’ vehicles;
developments in labor and industrial relations and developments in
applicable labor laws; exchange rate fluctuations, interest rate
changes, credit risk and other market risks; political and civil
unrest; earthquakes or other disasters; and other risks and
uncertainties.
Any forward-looking statements contained in this communication
speak only as of the date of this document and Stellantis disclaims
any obligation to update or revise publicly forward-looking
statements. Further information concerning Stellantis and its
businesses, including factors that could materially affect
Stellantis’ financial results, is included in Stellantis’ reports
and filings with the U.S. Securities and Exchange Commission and
AFM.
Source: Archer Text: ArcherIR
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version on businesswire.com: https://www.businesswire.com/news/home/20230104005163/en/
Stellantis Media Contacts Fernão SILVEIRA +31 6 43 25 43
41 – fernao.silveira@stellantis.com Shawn MORGAN +1 248 760 2621 –
shawn.morgan@stellantis.com
Archer Media Contacts: Louise Bristow +1 818 398 8091 -
lbristow@archer.com
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